Recent Accounting Pronouncements
In May 2009, the FASB issued ASC 855-10
entitled Subsequent Events. Companies are now required to disclose the date through which subsequent events have
been evaluated by management. Public entities (as defined) must conduct the evaluation as of the date the financial statements
are issued, and provide disclosure that such date was used for this evaluation. ASC 855-10 provides that financial statements are
considered issued when they are widely distributed for general use and reliance in a form and format that complies
with GAAP. ASC 855-10 is effective for interim and annual periods ending after June 15, 2009 and must be applied prospectively.
Management evaluated subsequent events through the date that such financial statements were issued.
In June 2009, the FASB issued ASC 105-10,
The FASB Accounting Standards Codification and the Hierarchy of Generally Accepted Accounting Principles. ASC 105-10 establishes
the Codification as the sole source of authoritative accounting principles recognized by the FASB to be applied by all nongovernmental
entities in the preparation of financial statements in conformity with GAAP. ASC 105-10 was prospectively effective for financial
statements issued for fiscal years ending on or after September 15, 2009 and interim periods within those fiscal years. The Codification
did not change GAAP, however, it did change the way GAAP is organized and presented.
As a result, these changes impact how companies
reference GAAP in their financial statements and in their significant accounting policies. The Company implemented the Codification
in this Report by providing references to the Codification topics.